In Tibet it is believed that Buddha came back as an elephant several times and is considered the symbol of Mental Strength. At the beginning of one's religious practice of Buddhism, the unrefined or uncontrolled mind is symbolized as a gray elephant (one who can run wild and destroy everything in it's way). After immersing oneself and "taming one's mind", the controlled mind is symbolized by a white elephant who is strong/powerful - able to be directed and yet can destroy all obstacles on his way. The elephant is the vehicle of the Aksobhya and the deity Balabadra. The elephant is a guardian of the temples and of Buddha himself.
In Tibetan art it is representing strength/control/steadfastness and enduring of the World/Realm of Buddhism. I believe that your elephant represents Wat Phratat Doi Suthep or Doi Suthep Temple. It has two large golden statues of Buddha in their beautifully and intricately designed buildings, a large golden pagoda-like structure or stupa which enshrines the Buddha’s relics, a large parasol at each corner of the stupa, a chanting house with two legendary crocodiles in front and a white statue of an elephant standing in front of the grand temple in honor of the elephant which brought the Buddha’s relics to the top of the mountain.
Symbolism in Asian cultures consider the elephant as on of their most positive symbols....a very strong symbol Of Good Luck, wisdom, strength, prosperity, steadfastness.
The elephant was held by royalty so it is admired, it attains old age - and with old age comes wisdom. They Are Highly Revered For Their Strength And Power. It is tradition to be placed high upon a shelf/mantel for recognition. The trunk facing upward on a elephant represents a strong symbol of Good Luck and the elephant is trumpeting the good news. Interesting enough they are not to face the front door - but are place near the entrance of a home. The placement of a Frog on an Elephant, or a Monkey on an Elephant, in the North, promotes career stability.